Samvardhana Motherson Group (SMG)’s flagship company Motherson Sumi SystemsNSE -1.45 % (MSSL) is in an advanced stage of sealing at least three more acquisitions in the next 5-6 months, two people familiar with the development said.

These acquisitions will be in addition to the recently announced deal of Reydel Automotive, a supplier of interior parts. The company, which has grown inorganically through a slew of acquisitions, is just two years away from achieving its $18 billion annual ..

One of the sources informed that the company is in advanced talks for acquisition of a European company which has filed multiple bankruptcies. “The value of the acquisition could be in the range of $500 million,” a very reliable source informed without divulging further details. “We are always on the lookout for such opportunities and we have a number of companies under consideration,” said VC Sehgal, chairman of SMG. He, however, declined to divulge further details. He has a team of over 120 people to execute merger and acquisition deals that span across the automobile world.

Sehgal said the company’s vision is to be a solution provider and to achieve that, it is fully committed. “However our first priority is to do it by ourselves or explore a joint venture, and if the two options don’t work out, then only we opt for acquisitions,” he said. Sehgal, India’s 23rd richest man, still believes that growing through acquisitions is the toughest act despite having successfully led 20 acquisitions for his company.

In 2015, Motherson Sumi had set a revenue target of $18 billion by 2020, from $5.5 billion in 2015. While releasing the fourth five-year plan in 2015, the company had said that it hopes to achieve 65% the target revenues through existing businesses and the rest through the acquisition route. The company has exceeded its last three five-year plans’ revenue targets. SMG has made enviable growth over the past two decades with over 370 companies spread across 230 locations in 37 countries with over 25 joint venture partners and over 1.5 lakh people working for it globally. It had already achieved over $11 billion of annual revenue in the recently concluded financial year.

Of the rest falling short, the component maker expects to get at least over $2 billion revenue from the organic expansion expected to complete next year.